CIIG Capital Partners II to Merge with Zapp Electric Vehicles

Dow Jones

Nov 22, 2022

By Sabela Ojea

Shares of CIIG Capital Partners II Inc. were briefly halted in premarket trading Tuesday after the special-purpose acquisition company said it entered a business combination agreement with the U.K. company Zapp Electric Vehicles Ltd.

The blank-check company said that, upon closing the transaction, the combined group Zapp Electric Vehicles Group Ltd. would list on Nasdaq.

Zapp Electric Vehicles is a high-performance two-wheel electric vehicle company, CIIG said.

"Combining with CIIG II and becoming a publicly listed company will enable us to scale our business, increase production and fulfill demand for electrification in the largely underpenetrated electric two-wheel market," Zapp's Chief Executive Swin Chatsuwan said.

CIIG's shares closed at $10.05 on Monday, according to FactSet.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

November 22, 2022 08:10 ET (13:10 GMT)

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